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Briton destitute in Dubai returns to UK

Briton destitute in Dubai returns to UK

Old Aug 16th 2010, 9:32 am
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Default Briton destitute in Dubai returns to UK

Why you should avoid any debts here...

"Nicholas Warner, the British man living rough on the streets of Dubai, is travelling back to the UK.

Mr Warner had been sleeping in parks and public places around the city for nearly 12 weeks."


http://www.bbc.co.uk/news/business-10981494
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Old Aug 16th 2010, 9:35 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Autonomy View Post
Why you should avoid any debts here...

"Nicholas Warner, the British man living rough on the streets of Dubai, is travelling back to the UK.

Mr Warner had been sleeping in parks and public places around the city for nearly 12 weeks."


http://www.bbc.co.uk/news/business-10981494
Numpty.......!!!!
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Old Aug 16th 2010, 11:42 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by TGFKASE View Post
Numpty.......!!!!
Ewe, hope he showered before he got on the flight...
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Old Aug 16th 2010, 12:13 pm
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Default Re: Briton destitute in Dubai returns to UK

Well, if this survey is correct...

Debtors in UAE owe average of $136,000

Despite the reputation of the UAE as a location where expats can save money, around 85 percent of residents in the country are in debt, a new survey has claimed.


http://www.arabianbusiness.com/59503...rage-of-136000
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Old Aug 16th 2010, 1:19 pm
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Autonomy View Post
Well, if this survey is correct...

Debtors in UAE owe average of $136,000

Despite the reputation of the UAE as a location where expats can save money, around 85 percent of residents in the country are in debt, a new survey has claimed.


http://www.arabianbusiness.com/59503...rage-of-136000
The statistics were revealed by the International Swiss Debt Management (ISDM) consultancy, which added that one quarter of those in debt are female.

Errrrrr... which means that 3/4's of those in debt are male

“A recent client survey revealed that the average individual debt is around AED500,000 in United Arab Emirates (UAE).
What???? Dear God especially considering this.....................

Residents from India and the Philippines rank as the highest in terms of total debt by nationality, followed by Pakistan and South Africa.

Scary stuff.
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Old Aug 16th 2010, 1:24 pm
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Patsy Stoned View Post
The statistics were revealed by the International Swiss Debt Management (ISDM) consultancy, which added that one quarter of those in debt are female.

Errrrrr... which means that 3/4's of those in debt are male

“A recent client survey revealed that the average individual debt is around AED500,000 in United Arab Emirates (UAE).
What???? Dear God especially considering this.....................

Residents from India and the Philippines rank as the highest in terms of total debt by nationality, followed by Pakistan and South Africa.

Scary stuff.
I assume this figure includes bad mortgages.
Goddamn, that's a lot of dodgy debt.
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Old Aug 16th 2010, 1:25 pm
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Default Re: Briton destitute in Dubai returns to UK

3/4 of the population here are male, I believe.

If you factor in everyone with debt and that includes people with mortgages and anyone with a credit card balance, you will probably get the clear majority of the population except those who operate strictly on a cash only basis. I don't consider myself to have debt because I pay off my credit card monthly but in between the payments I may have as much as 1-2k on the card, which does mean I technically have debt.

Still, the average debt amount is quite high. Startling high. I'd think it has to do with including everyone with a peak mortgage. The Indian owner of this one-bed I looked at in the Burj Views paid 2.25 million AED for the property in '08. I just saw a for-sale listing for the same type unit for, ta de dah, 977,000 AED.....

Gotta hurt.

Originally Posted by Patsy Stoned View Post
The statistics were revealed by the International Swiss Debt Management (ISDM) consultancy, which added that one quarter of those in debt are female.

Errrrrr... which means that 3/4's of those in debt are male

“A recent client survey revealed that the average individual debt is around AED500,000 in United Arab Emirates (UAE).
What???? Dear God especially considering this.....................

Residents from India and the Philippines rank as the highest in terms of total debt by nationality, followed by Pakistan and South Africa.

Scary stuff.

Last edited by Ethos83; Aug 16th 2010 at 1:27 pm.
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Old Aug 16th 2010, 1:31 pm
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Default Re: Briton destitute in Dubai returns to UK

Nicholas Warner was not sleeping rough, at least for no more than a night or two. He has been staying with friends since the story broke.

He also broke the terms of his loan agreements and would not talk to the bank when he was in debt. His going on holiday was the final straw for the bank which is why they went to the police.

No one disagrees that the penalties are harsh, but you cannot deny that they are well known.
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Old Aug 16th 2010, 1:35 pm
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Default Re: Briton destitute in Dubai returns to UK

The guy's clearly an idiot. If the bank was threatening him then why the ***** did he come back to DXB from his holiday?

And why did he take a holiday when he had so much debt?



Originally Posted by Meow View Post
Nicholas Warner was not sleeping rough, at least for no more than a night or two. He has been staying with friends since the story broke.

He also broke the terms of his loan agreements and would not talk to the bank when he was in debt. His going on holiday was the final straw for the bank which is why they went to the police.

No one disagrees that the penalties are harsh, but you cannot deny that they are well known.
-
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Old Aug 16th 2010, 3:27 pm
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Ethos83 View Post
The guy's clearly an idiot. If the bank was threatening him then why the ***** did he come back to DXB from his holiday?

And why did he take a holiday when he had so much debt?
I believe you answered your own question before you even asked it....

He was a first class muppet who probably felt that he had been hard done by and therefore refused to cooperate with the lenders. Very intelligent...

Out of interest have you ever met a person in serious debt (I mean like up to their eyeballs) who was willing to admit that they were largely to blame for the situation? Everybody likes to blame everyone else when things go to the wall...
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Old Aug 17th 2010, 6:18 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by norsk View Post
Out of interest have you ever met a person in serious debt (I mean like up to their eyeballs) who was willing to admit that they were largely to blame for the situation?
*Puts hand up*

But to be fair it’s all an investment in education...not that I remember even a small fraction of it now. Also like Dubai if you skip the country you don’t have to pay it back, you can’t return however (or they don't let you leave until you pay it back with interest).
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Old Aug 17th 2010, 10:50 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Charismatic View Post
*Puts hand up*

But to be fair it’s all an investment in education...not that I remember even a small fraction of it now. Also like Dubai if you skip the country you don’t have to pay it back, you can’t return however (or they don't let you leave until you pay it back with interest).
That's no longer true

http://www.arabianbusiness.com/59439...overseas-debts
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Old Aug 17th 2010, 11:02 am
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Talking Re: Briton destitute in Dubai returns to UK

Originally Posted by Meow View Post
Thank god I’m not Australian!

Side note: As you may be aware there is an close election in Australia and being good racists one of the central topics is “boat people” and how to “deal” with them. There was a great quote in the paper the other day from former Australian Prime Minister, Bob Hawke who said “We're all bloody boat people, that's how we found the place” .
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Old Aug 17th 2010, 11:59 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Meow View Post
Debt skippers are infuriating –– their actions make it more difficult and expensive for legitimate users of credit.

Skippers use Dubai's laws as an excuse to run away.
However they often don't repay debts from abroad –– further reinforcing the notion that they should have been contained in the country until the debt is cleared.

I say kill them and sell their organs on the blackmarket.
At least they'll cover some of the debt?
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Old Aug 18th 2010, 2:36 am
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Default Re: Briton destitute in Dubai returns to UK

Originally Posted by Meow View Post
Nicholas Warner was not sleeping rough, at least for no more than a night or two. He has been staying with friends since the story broke.

He also broke the terms of his loan agreements and would not talk to the bank when he was in debt. His going on holiday was the final straw for the bank which is why they went to the police.

No one disagrees that the penalties are harsh, but you cannot deny that they are well known.
-
Rather judgmental, aren't we?

Let he who is without debt cast the first stone!
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